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Other Percentage Tax Exercises A tax on business is a. Direct tax b. Indirect tax c. Property tax d of the above Which of the following taxes is not replaced by VAT? a. Common carriers’ tax b. Sales tax on original sales c. Contractor’s tax d. Compensating tax Given the following establishments: I. ...

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Page 1 of 7 Other Percentage Tax Exercises 1. A tax on business is a. Direct tax b. Indirect tax c. Property tax d.None of the above 2. Which of the following taxes is not replaced by VAT? a. Common carriers’ tax b. Sales tax on original sales c. Contractor’s tax d. Compensating tax 3. Given the following establishments: I. Cebu Pacific Air II. Pegasus nightclub III. Camarines Sur III Electric Cooperative (CASURECO III) IV. Banco de Oro (Unibank) Which of the above establishments is/are subject to other percentage tax? a. II only b. II and III c. III and IV d. II and IV 4. One of the following is subject to 3% percentage tax a. Establishment whose annual gross sales or receipts exceed 1,500,000 and who are VAT registered. b. Business whose annual gross receipts or sales exceed 1,500,000 and who are not VAT registered. c. VAT registered establishments whose annual gross receipts do not exceed 1,500,000 d. Establishments whose annual gross sales do not exceed 1,500,000 and who are not VAT registered. 5. Maurot owns the following business/establishments: Annual Gross receipts I. Restaurant 1,350,000 II. Barbershop 625,000 III. Seller of Agricultural 1,875,000 food products Which combination will subject Maurot to VAT? a. I only b. I and II c. I, II and III d. None 6. Tin is the owner of a small grocery store with gross sales in any one year period that do not exceed 1,500,000. She is not a VAT registered taxpayer. She submits the following data for the month of January, 2008. Merchandise Inventory, Dec 31, 2007 123,450 Gross sales 67,800 156,980 Purchases from VAT registered suppliers The percentage tax due is a. 34,823 b. 6,780 c. 2,034 d. 9.876

7 to 8 Rustico owns a small eatery near a trimobile parking area. Its annual gross receipts range from 400,000 to 450,000. In January, the gross receipts amounted to 27,500 while purchases of goods subject to VAT is 6,000 and not subject to VAT, 13,000. 7. If Rustico is not a VAT registered taxpayer, his percentage tax due for the month is a. 12,000 b. 1,900 c. 825 d. 2,500 8. Assuming that rustico is a VAT registered taxpayer and the amounts indicated are exclusive of VAT, the VAT due is a. 12,000 b. 1,900 c. 2,580 d. 2,500 9. One of the following is subject to common carrier’s tax a. Autocalesa b. Carrier which transports its own cargo c. Owners of banca d. Trimobile/tricycle 10. All of the following, except one, are not subject to common carrier’s tax a. Owner of a parking lot/building b. Rent-a-car companies c. Common carriers by land engaged in carriage of goods or cargo d. Airline companies 11. Gadil operates 2 pedicabs, 2 passenger jeepneys plying the route Divisoria-Morayta in Manila, and three cargo trucks. The gross receipts for the month are: Jeepney No. 22,000 Truck No. 7,250 1 1 Jeepney No. 23,300 Truck No. 8,500 2 2 Pedicab No. 1 800 Truck No. 14,000 3 Pedicab No. 2 1,000 The percentage tax due on Gadil is a. 831 b.795 c. 1,359 d. 1,413 12. Malakas owns two passenger buses. Each bus has a seating capacity of 45 passengers. The buses ply the route Naga City to Legaspi City, and vice versa. During the month, he decided to stop the operation of one unit to undergo two weeks engine overhaul. Thus, his total gross receipts during the month amounted to 110,000 only. Malakas isa. Subject to income tax but exempt from percentage tax b. Subject to value-added tax if the gross annual receipts exceed 1,500,000. c. A marginal income earner and therefore, exempt from common carrier’s tax and VAT d. Subject to common carrier’s tax of 3,300 No. 13-14 Salawahan Transport Company is a transportation contractor. During the month, it

had the following gross receipts:

Page 2 of 7 From transport passengers From transport cargo From rental of its cargo-trucks to individual lessees From rental of its “rent-a-car” tp balikbayans (with chauffer

485,000 220,000 33,000 30,000

Payments to VAT registered persons during the month amount to 99,000. 13. The percentage tax due is a. 22,740 b.21,150 c. 7,590 d. 15,450 14. Assuming that the amounts given do not include the tax, the VAT due isa. 23,000 b.18,480 c. 59,909 d. None 15. Sako Company is a holder of a franchise to operate five units of passenger buses (seating capacity is 44 passengers) in the Bicol Region. It also owns a gas station which is used exclusively to load its buses with diesel fuels, and a garage with service shop exclusively to its own buses although in rare instances it is accepting repair jobs from outsiders. During the month of December, it had the following gross receipts: From the buses 280,000 300,000 From the gas station (in loading its own buses) From the garage 12,000 How much is the common carrier’s tax payable? a. 17,760 b. 8,400 c. 8,760 d. 17,400 16-17 Luigi Lines, engaged in provincial operation, has the following gross receipts in February: Bus 1 (carriage of goods, 8,000) 100,000 Bus 2 (carriageof goods, 3,500) 65,000 Salaries of drivers and conductors 25,000 Cost of oil and engine 160,000 Taxi 30,000 Jeepney 22,000 Cargo Truck 45,000 Sea Vessel 250,000 During the month, Bus 1 was bumped by another bus owned by Tulak Lines and paid Luigi Lines P20,000 for the damage done. 16. The percentage tax due on Luigi Line in February is: a. 6,180 b. 6,165 c. 14,430 d. 5,730 17. The output tax on Luigi Lines is a. 37,380 b. 31,150 c. 33,375 d. 36,780 18-19 Love Bus Company operates 10 units of buses. During the month, it had the following data in its books: Receipts from passengers 2,000,000

Receivable from transport of passengers Receivable from transport of cargoes Payments for repair of transport units Salaries of personnel Purchase of spare parts Registration with LTO Premiums on insurance

15,000 5,000 30,000 300,000 60,000 10,000 15,000

18. How much is the percentage tax payable b. 60,450 a. 60,000 c. 39,000 d. None 19. How much is the VAT payable a. 39,600 b. 43,800 c. 39,000 d. 57,480 20. Common Carrier 1 : Domestic sea or air carriers for passengers or cargoes. Common Carrier 2 : International sea or air carriers for passenger or cargoes. What is the respective business tax rate on the common carriers identified above if they travel from the Philippines to a foreign country? Common Carrier 1 Common Carrier 2 a. 0% 3% b. 3% 3% c. 0% 0% d. 12% 3% 21. The franchise tax on grantees of radio and television broadcasting companies whose annual gross receipts in any year do not exceed 10,000,000 shall be a. 1% of gross receipts b. 2 % of gross receipts c. 3 % of gross receipts d. 4 % of gross receipts 22-23 Radio Station DWLAA has an annual gross receipts ranging from 4,000,000 to 5,000,000. During the month, it had a gross receipts from advertisements of 330,000 (net of tax), while the disbursements subject to VAT amounted to 224,000, inclusive of tax 22. The franchise tax payable by DWLAA is a. 30,000 b. 9,900 c. 50,000 d. 10,000 23. How much s the VAT payable if it is registered under the VAT system? a. 10,000 b. 9,900 c. 11,357 d. 15,600 24-25 Too Big Company, a public service company, is a holder of a franchise to engage in the business of supplying water to several towns and cities in Luzon. As recorded in its books during the month, its total gross receipts from the sale of

Receipts from cargoes

500,000

Page 3 of 7

24.

25.

26.

27.

water amounted to 2,550,000, while the receipts from rental of equipments and other services was 280,000. The operating expenses amounted to 2,000,000; 11% of which was paid to VAT registered persons. The percentage tax due is a. 51,000 b. 5,000 c. 16,500 d. 56,500 The VAT payable for the month is a. 33,600 b. 5,000 d. 7,200 c. 16,500 One of the following is subject to percentage tax a. Long distance call by a son from Sta. Cruz, Manila to his father in Ilo Ilo City b. Monthly telephone bill from PLDT c. Telephone bill on a call by a mother in the Philippines to her son in the United States. d. Telephone call by Magda in Hong Kong to her friend in Manila. Balatan Telephone Company (BATELCO) had the following collections from its customers during the quarter: Regular monthly bills 770,000 Domestic calls 501,600 Overseas calls (outgoing) 533,500 The percentage tax to be remitted by BATELCO during the quarter is b. 48,500 a. 73,600 c. 53,350 d. 80,960 28-30 Makasalanan Corporation had the following data during the month of February: Net income during the month 40,000 Collections during the month From services rendered in Jan 50,000 From services rendered in Feb 300,000 From services to be performed in 10,000 march (advances)

operates. The data during the month are as follows: Gross receipts from the gates 390,000 Receipts from advertisements inside 15,000 the cockpit arena Gross receipts from restaurant: Sale of food and softdrinks 21,000 Sale of liquor 33,000 Disbursements (subject to VAT) 24,200 Disbursements (not subject to VAT) 12,000 32. The amusement tax due is a. 82,620 b. 81,828 c. 72,900 d. 19,980 33. Suppose the restaurant is owned and operated by Mon, a non VAT registered person, the business tax payable by Mon is a. 1,260 b. 534 c. 4,909.09 d. 1,620 34. Suppose the restaurant is operated by Mon, the percentage tax due on Rose is a. 3,300 b. 12,150 d.72,900 c. 92,700 35. Assume that Mon, a VAT registered taxpayer is operating the restaurant. The business tax payable by Mon is b. 3,576 a. 81,600 c. 4,909.09 d. 2,709.09 36. Carlos operates the El Combo Nightclub along Malate Avenue, Palayan City. His gross receipts in February 2008 amounted to 126,700. The foods and drinks being served inside the nightclub are being delivered by Tiberio, a nonVAT taxpayer. During the month, Tiberio sold 32,400 worth of goods and drinks to Carlos. The amusement tax payable is b. 22,806 a. 19,005 c. 28,638 d. 5,832 37-38

28. The business tax payable if Makasalanan is a bus company: a. 12,000 b. 22,800 c. 10,800 d. 21,000 29. The business tax payable if Makasalanan is a cabaret: b. 64,800 a. 64,000 c. 72,000 d.136,800 30. The business tax payable if Makasalanan is a race track: a. 120,000 b. 228,000 d. 108,000 c. 210,000 31. Admission fees to cockpits and race tracks are subject to a. Tax on paid admission b. Tax on winnings c. Tax on gross receipts d. None of the above 32-35 Rose Tear operates a cockpit in Zamboanga City. Inside the cockpit is a restaurant which she

Sogo Hotel offers the following services to its guests and from which revenues were derived for the month, as follows: Revenues Collections Hotel rooms 1,250,000 984,000 Dining Hall: Sale of foods and 940,000 860,000 refreshments Sale of wine, beer 780,000 620,000 and liquors Disco: Admission fee 25,000 15,000 Sale of foods and 250,000 115,000 drinks Sale of wines , beer 650,000 540,000 and liquor 37. The amusement tax due is b. 120,600 a. 110,700 c. 552,240 d. 386,640

Page 4 of 7 38. If Sogo Hotel is subject to VAT, the output tax thereon is (assume that the amounts are tax inclusive) b. 264,000 a. 295,680 c. 218,000 d. 120,600 39. Boy Cali is the operator of Cali Coliseum. During the month, it had the following gross receipts from various activities, to wit: Concert by Chabel Balyeno 85,000 Professional basketball 120,000 Amateur basketball 36,700 Billiard 45,000 The percentage tax payable by Boy Cali on the Coliseum is a. 18,000 b. 23,505 c. 43,005 d. 24,750 40. In number 39, assuming that other than the enumerated events therein a world championship boxing fight between Namacquiao and Nakoto, American and Mexican, respectively, in light weight division was held in Cali Coliseum during the month and the total gross receipts was 780,000, the total amusement tax payable is a. 135,000 b. 96,000 c. 43,005 d. 160,005 41. Paiyakan Insurance Company, a domestic corporation, had the following collections from insurance premiums during the month: Health and accidental insurance 2,340,000 Motor Vehicle insurance 1,250,000 Life and disability insurance 1,850,000 Property insurance 2,840,000 The percentage tax due is a. 92,500 b. 414,000 c. 272,000 d. 209,500 42-43 Madulag Insurance Company had the following data on collections of premiums and disbursements during the month: Life Non life insurance insurance Cash collections 150,000 145,700 Checks 45,000 34,600 Accounts receivable 25,200 58,900 Payments of expenses to VAT businesses Payments of expenses to nonVAT businesses

43,000

35,000

The amounts indicated pertaining to VAT transactions do not include the VAT. 42. The percentage tax due is b. 9,750 a. 8,000 c. 11,010 d. 9,015

a. 16, 476 b. 9,750 c. 28,704 d. 63,730 44. Which of the following is not considered as a percentage tax? a. ½ of 1% stock transaction on shares traded through the local stock exchange b. 10% -20% tax on shares not traded through the local stock exchange c. 10% overseas communication tax d. 3% tax on keepers of garage 45. Bayani’s ticket (daily double) won 42,000, gross of withholding tax and cost of ticket, in a horse race in Vice Ganda Hippodrome. His ticket had cost him 250. How much tax was withheld on winnings in horse races by Bayani? a. 1,680 b. 4,200 c. 1,670 d. 4,175 46. Campos sold the following shares of stock thru his stock broker: Selling Market Price Value Ex Company, not 123,670 114,850 traded Way Company, 65,980 62,540 traded See Company, 143,750 156,230 traded The percentage tax due on the above transaction is b. 1,048.65 a. 1,667 c. 1,093.85 d. 1,668.10 47. Tiwala had the following transactions of shares of stock:

Sales: Stick-to-1 Corporation, not traded Di-Man-Lolo-Co Corporation, traded Di-Flirt Corporation, traded Purchases: Titig Corporation, not traded Kilig corporation, traded

Selling Price

Cost

32,450

31,980

69,780

64,321

123,820

98,760

32,415 48,657

The total percentage tax on the above transaction is a. 1,130.25 b. 724.89 c. 968.00 d. 815.40 48. Mahal owns shares of stock of domestic corporations which are actively traded in the PSE. Due to the unstable prices in the stock exchange, he decided to sell the shares to the public. The data of which are as follows: Selling Cost Gain/Loss Price Yabs 230,000 220,000 10,000...